Sovereign Financial Group Inc. Increases Holdings in RingCentral, Inc. (NYSE:RNG)

Sovereign Financial Group Inc. increased its position in shares of RingCentral, Inc. (NYSE:RNG) by 4.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,079 shares of the software maker’s stock after purchasing an additional 386 shares during the period. Sovereign Financial Group Inc.’s holdings in RingCentral were worth $353,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Xponance Inc. grew its stake in shares of RingCentral by 6.8% in the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after buying an additional 704 shares during the period. KBC Group NV grew its position in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the period. Private Advisor Group LLC grew its position in RingCentral by 13.6% in the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock worth $257,000 after acquiring an additional 971 shares during the period. Quarry LP increased its stake in RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its position in RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at RingCentral

In other news, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the sale, the chief executive officer now owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the transaction, the senior vice president now directly owns 357,818 shares of the company’s stock, valued at $12,509,317.28. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock worth $4,113,047 over the last ninety days. Corporate insiders own 6.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RNG. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Morgan Stanley increased their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Raymond James reissued an “outperform” rating and issued a $45.00 target price (down previously from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Finally, Robert W. Baird raised their price target on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $41.29.

RingCentral Stock Performance

Shares of RingCentral stock opened at $33.49 on Thursday. The business has a 50-day simple moving average of $37.07 and a 200-day simple moving average of $33.81. RingCentral, Inc. has a one year low of $26.98 and a one year high of $42.19. The company has a market cap of $3.03 billion, a PE ratio of -31.59, a P/E/G ratio of 2.48 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The company had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. On average, sell-side analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

RingCentral Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.